Primerica (NYSE:PRI) Stock Price Up 1.1% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s share price rose 1.1% on Monday . The stock traded as high as $292.84 and last traded at $291.93. Approximately 108,513 shares changed hands during trading, a decline of 35% from the average daily volume of 166,520 shares. The stock had previously closed at $288.74.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen boosted their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods dropped their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Finally, Piper Sandler lowered their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $303.00.

Primerica Price Performance

The company’s 50 day moving average price is $285.75 and its 200 day moving average price is $270.06. The firm has a market cap of $9.81 billion, a PE ratio of 22.45 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.28 EPS. Sell-side analysts expect that Primerica, Inc. will post 19.75 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.22%. Primerica’s payout ratio is 27.50%.

Primerica announced that its board has initiated a stock buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.61% of the stock is owned by corporate insiders.

Institutional Trading of Primerica

A number of hedge funds have recently made changes to their positions in PRI. Geode Capital Management LLC boosted its holdings in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after purchasing an additional 25,951 shares during the period. Barclays PLC boosted its holdings in Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock worth $5,428,000 after purchasing an additional 10,635 shares during the period. Oak Thistle LLC boosted its holdings in Primerica by 64.9% in the fourth quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock worth $1,340,000 after purchasing an additional 1,943 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Primerica in the third quarter worth $3,710,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Primerica by 320.6% during the third quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock valued at $1,525,000 after acquiring an additional 4,383 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.